Yes, of course, there’s the weather — the unusually cold weather that dragged spending down, particularly in January. But it’s more than that.

For instance, the new report shows a 1.6 percentage point drag from inventories. What really is so bad about companies having fewer items stocked away? “The pace of inventory-building has fallen by more than half since its Q3 peak, and is now below the rate needed to keep inventory-to-sales ratios steady,” said Ian Shepherdson of Pantheon Macroeconomics.

Plus, consumer spending added 2.1 percentage points to GDP in the first quarter. That’s the engine of the U.S. economy, and even in the cold, it did just fine.

That means that final demand — GDP less the inventory component — grew at a 0.6% clip instead of the 0.7% initially estimated. That’s not great, for sure, but enough to be basically where we expected to be.

Plus, by now there’s data from April and May showing an undeniable uptrend in activity from the first quarter.

“In addition to the entire downward revision occurring in a sector where less growth is probably a positive for the future (provided that final demand continues to expand at a reasonable pace), most higher-frequency economic data point to an improving trend of activity as Q1 progressed and now into Q2,” said Joshua Shapiro, chief U.S. economist at MFR, in a note to clients. “Therefore, Q1 headline GDP growth is truly ancient history at this stage.”